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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 19 October 2017.
On 12 October 2017, the European Banking Authority (EBA) published an opinion on Brexit to ensure the consistent application of EU legislation to businesses seeking to establish or enhance their EU27 presence in order to retain access to the EU single market. In the opinion, the EBA addresses a number of relevant policy topics relating to authorisations, the prudential regulation and supervision of investment firms, internal models, outsourcing, internal governance, risk transfers via back-to-back and intragroup operations, and resolution and deposit guarantee scheme issues. The EBA will monitor how the opinion will be applied in practice by authorities and will continue its policy and risk analysis work in relation to the challenges posed by Brexit.
On 18 October 2017 the House of Lords Select Committee heard evidence from City experts on post-Brexit financial regulation and supervision. The Committee is examining how financial stability can be ensured, and whether the UK can gain equivalence or some other form of close relationship in order to preserve market access.
On 17 October 2017, theCityUK published a warning that ‘the value of a transitional deal is disappearing by the day’. With the upcoming European Council meeting, TheCityUK is urging the UK and EU to come to make ‘rapid progress’ on reaching an agreement during the first quarter of 2018. It has outlined what the deal should do and addresses some of the issues that may arise if the UK and EU cannot come to
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